HK tycoon Li Ka-shing has denied that his companies hold a monopoly
on the markets either in Hong Kong or in the mainland.
"If a Hong Kong company can create a monopoly situation in a
country, it should be Hong Kong people's glory, but it is
impossible to monopolise a market," Li said, in a transcript of a
press conference received Friday.
Li
controls two of Hong Kong's flagship multinationals, Cheung Kong
(Holdings) Ltd and Hutchison Whampoa Ltd, which have wide-ranging
interests in everything from property, to telecoms, ports and even
retail outlets.
Li
also dismissed fears that Hutchison Port -- reportedly the world's
largest private port investor -- had a monopoly hold on the port
operating business in China.
"It is impossible for any one to monopolise any business,
particularly the transport business in the mainland. Our business
in the Chinese mainland always creates a win-win situation," he
told the company's annual general meeting on Thursday.
"Ports are long-term investments. We might be able to announce
another port project soon," he said, quoted in the transcript.
He
said his companies were always looking for investment opportunities
with such a huge cash pool at their disposal.
"But under the present economic condition, we have to be very
cautious," he said, adding patents for biotech businesses were also
being applied for.
"Within the group, every company is very dynamic, particularly
those companies outside Hong Kong, the growth is tremendous," Li
said.
He
also dismissed press reports that Cheung Kong Group was planning to
restructure after shareholders Thursday gave it the go-ahead to
raise its authorised share capital by 1 billion shares to 3.8
billion, according to the South China Morning Post.
"Cheung Kong Group has no immediate plans for restructuring ...
Seeking a general mandate to increase authorised share capital is
just a house-keeping routine operation. It is not for any special
purpose," Li said.
"I
am very satisfied with the present structure of the group. All of
our companies are doing well and the results are very encouraging,"
Li said.
Li
also reiterated his group would remain in the former British
territory, saying "Hong Kong is our base."
The tycoon -- now one of the world's wealthiest men -- has a
rags-to-riches story, after he made his first business selling
plastic flowers.
Much of his fortune came from property but he has proven to be
gifted at generating cash from shrewd investments in the industries
of the future, such as technology-based businesses and the
Internet.
Li's younger son, Richard heads Hong Kong's biggest Internet and
telecommunications firm Pacific Century CyberWorks.
(chinadaily.com.cn 05/25/2001)